Beware of the "Careful What You Wish For" crowd - The Bubble's implosion is good for working class people
2008 Mar 7, 2:36am 15,500 views 150 comments
by HARM follow (0)
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I don't think the bubble implosion will be good for working class people. It is definitely good for people with valuable skills and those who are more employable than others.
It's just that too many Americans are becoming not that employable in the last decade. They either get into paper pushing, email cc:ing, powerpoint reshuffling or welfare. I am not sure if this country has that many skilled labor that can weather the recession so easily, particularly given that they are so in debt, so anything that makes debt more expensive is generally against their interest.
OO,
Good points, but I would argue that throwing some glorified paper-pushers out of work and encouraging them to acquire some *useful* skills itself is not necessarily a bad thing. IMO, it's high time this country got back to actually creating things of real value.
The downside of course, is that there's a whole lot of pain between point A and point B. However, I think the major pain will be more concentrated to the REIC & financial sectors than some here may think.
HARM,
Excellent and LONG... overdue thread! Be it the "Big 3" (stocks, bonds, real estate) or your best friends and favorite co-workers it's important not to let the "Careful what you wish for!" crowd get a free pass.
Challenge them. Why is this "my" problem? Explain in detail how this could (or should) affect me or people like me? How did things get to this point? Did "I" benefit from this fallout, whose pain we must now both share? Is it right that I should be affected?
"Be careful..." is among the weakest of defenses. In fact it's pathetic. What it basically says is... "I've been reckless and greedy enough for the BOTH of us!"
Malcolm
@
2008 Mar 7, 2:57am
Harm,
Overall I would agree, except that I am very concerned about the Amero. That could be the financial equivilent to a doomsday device.
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Lately, The Gloom-n-Doom here seems a bit thicker than normal, even for a grizzly bear such as myself.
Yes, pain from the HB implosion & MEW withdrawal is spreading well beyond REIC circles –as predicted here on this blog 3 years ago. No, the Insolvency Crisis is not *contained* (except to planet Earth) and it's starting to unwind at an impressively accelerating rate. Hearing about mass layoffs, unemployment, dropping equity, and watching the DOW plunge is a little depressing, even scary, yes. But, let's also keep a little perspective: It's not the End of the World as We Know It. It's not even unexpected.
One of the FUD tactics the pro-Bailout crowd is trying to use (Cramer, Tan-man, etc.) is "Be Careful What You Wish For!â€. They want us to think that if they and their buddies incur any serious losses, it's Financial Armaggeddon for Everyone and will plunge us into a new Great Depression. There will be pain, yes. But, is the macroeconomic danger already so great that we *have to* socialize all losses right now, before we even know how bad it might get? Is a Mad Max future really inevitable, just because some well-connected banksters and hedgies blow up (due to their own reckless actions)?
To me, this is really just another way for them to try to convince us and CON-gress that we need to share the bill for their recklessness and greed. Let's not succumb to it so easily.
HARM
#bubbles